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SHUTDOWN: BC PULP MILL PLACES HOPES IN NY

VANCOUVER, BC — The workers of Gold River’s pulp mill on Vancouver Island are looking to New York-based turnaround artists Keilin & Co. to put together a deal that will save the mill from closing. Bowater Inc. of Greenville, SC, announced plans to close the mill effective February 16. The town can expect little help from the provincial government. Last year, it spent $280 million to bail out debt-laded Skeena Cellulose Inc.’s mill in Prince Rupert. Analysts question if the mill is worth saving, saying the closing of Gold River will lower capacity and offer relief to rock-bottom pulp prices. That is little consolation for the tiny coastal community, where almost 400 of the town’s 2000 residents work at the mill. Small wonder, then, they are placing their hope on Keilin & Co., which specializes in employee buyouts and restructuring.